Location:

Leadership:

Founded in:

invested in:

Status:

Summit Team:

Case Study:

American Dental Partners

Grew from a start-up to $84 million in revenues, acquiring 10 dental practices within first two years of Summit's investment

IPO in 1998

Leader in the corporate dental market

Summit partnered with Greg Serrao to form American Dental Partners with the goal of consolidating the fragmented dental care industry via an affiliation model. This strategy would enable American Dental Partners to acquire selected assets from practices in exchange for taking on all administrative and business aspects, allowing affiliates to focus solely on the delivery of dental care.

How Summit helped:

Identified and recruited Greg Serrao—an experienced financial and healthcare executive—as CEO of the newly formed business

Arranged for $75 million in debt financing for acquisition growth

Recruited executive management team, including CFO and COO

Built a board of directors comprised of healthcare industry executives, including Jim Kelly from Lincare and Derril Reeves from PhyCor

Served as business development team for the first three acquisitions, with a Summit Associate joining the business

Provided introductions and assisted in the selection of underwriters for IPO

Maintained a long-term commitment to the company, serving on the board of directors through 2008

American Dental completed its IPO in 1998, and Summit exited the investment in 2004. The company continued to grow, and was taken private in 2012 in a transaction valued at nearly $400 million. Today, American Dental Partners remains one of the largest providers of business services to multi-disciplinary dental groups in the United States and is affiliated with more than 25 dental group practices located in 21 states. Founder Greg Serrao remains CEO of the business.